CryptoETHEthereum Surpasses Bitcoin with 16% Weekly Gains, Nears $3,000 Target

Ethereum Surpasses Bitcoin with 16% Weekly Gains, Nears $3,000 Target

Ethereum has demonstrated impressive performance, outperforming Bitcoin by yielding a remarkable 16% in weekly gains for traders. The price of ETH reached a peak of $2,931 on Monday, marking a 52-week high and moving closer to its $3,000 target. The surge in Ethereum’s open interest, which increased by 5% on Monday, further highlights the altcoin’s bullish momentum.

Notably, Ethereum’s weekly gains nearly doubled those of Bitcoin, which recorded an 8.30% increase for holders. Coinglass data indicates that $20.06 million in short positions were liquidated for Ethereum in the past day, while Bitcoin saw $24.15 million in liquidated shorts.

The upcoming DenCun upgrade scheduled for March 2024 and the anticipation surrounding the potential approval of a Spot Ethereum ETF are cited as key catalysts for Ethereum’s recent gains.

As of Monday, Ethereum’s price stands at $2,908, and the altcoin is on an upward trajectory, nearing its $3,000 target. Support levels for Ethereum are identified at $2,720 and $2,500. The Awesome Oscillator (AO) and Moving Average Convergence/Divergence (MACD) indicators show green bars, indicating an established uptrend for Ethereum’s price.

However, analysts caution that a daily candlestick close below the $2,720 support level could challenge the bullish thesis and potentially lead to a decline to the $2,500 support level before a potential recovery. Some experts predict a rally to $4,000 ahead of the likely approval of a Spot Ethereum ETF.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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